Am I responsible for repaying a debt if I did not agree to it in the first place?

Question Details:

A payday loan company deposited $250 into my overdrawn bank account in 2009. I didn't agree to the terms of the loan (never signed the paperwork finalizing it or spoke with the rep prior to the deposit authorizing it). Because the account was overdrawn I couldn't return the funds and this company began deducting $75 every 2 weeks. I spoke to my father and we attempted numerous times to make arrangements with the company to pay this just to get rid of it and they refused. They turned me over to collections for $505.47. Do I really owe this as I never agreed to the contract?

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you go to and retain an attorney to represent you.